Housing Finance Imperfections and Private Savings
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Page : 26 pages
File Size : 27,44 MB
Release : 1987
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Author :
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Page : 26 pages
File Size : 27,44 MB
Release : 1987
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Author : Fumio Hayashi
Publisher :
Page : 46 pages
File Size : 38,11 MB
Release : 1987
Category : Housing
ISBN :
This paper presents a life-cycle simulation analysis of the interaction among savings decisions, housing purchase decisions, and the tax system in the United States and Japan. To investigate this issue, we first document the stylized fact that the typical Japanese household purchases a house later in the life-cycle with a higher downpayment ratio than its U.S. counterpart. Second, a life-cycle simulation model that includes the housing purchase decision is constructed and used to compare the behavior of typical U.S. and Japanese households. The Japanese household is induced to save more early in the life cycle in order to meet the higher downpayment requirement. The saving-consumption pattern resulting from a higher growth rate is shown to contribute to a higher aggregate saving rate in Japan compared to the U.S. However, the contribution of the induced early saving due to the downpayment requirement seems to be too small to explain a large differential in the saving rates of the two countries. Only if we introduce a bequest motive can the model generate the observed saving rate in Japan. Finally, tax reform concerning the tax deductibility of mortgage interest payments or the tax exempt status of interest income is shown to have a small impact on the aggregate saving rate in either country. For example, the introduction of tax-exempt saving in the U.S. would increase the saving rate by only 1.5%.
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Page : pages
File Size : 37,74 MB
Release : 1987
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Page : 100 pages
File Size : 25,56 MB
Release : 1983
Category : Housing
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Author : Fumio Hayashi
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Page : 90 pages
File Size : 34,72 MB
Release : 1987
Category : Housing
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Author : Maria Concetta Chiuri
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Page : 48 pages
File Size : 17,4 MB
Release : 2001
Category : Financial institutions
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Author : Fumio Hayashi
Publisher : MIT Press
Page : 532 pages
File Size : 23,51 MB
Release : 1997
Category : Business & Economics
ISBN : 9780262082556
Analysis of consumption and saving decisions by households has always been one of the most active areas of research in economics--and with good reason. Private consumption is the most important component of aggregate demand in a capitalist economy, and explaining consumption is the key element in most macroeconomic forecasting models. To evaluate the effect of government policies invariably requires the knowledge of how they change parameters relevant for household decision making. Understanding Saving collects eleven papers by economist Fumio Hayashi, along with two previously unpublished chapters, for a total of thirteen chapters. The monograph, which brings together Hayashi's empirical research on saving, is divided into three sections. Part I, "Liquidity Constraints", contains five studies that test the well-known implication of the Life Cycle-Permanent Income hypothesis that households shield consumption from income fluctuations. Part II, "Risk-Sharing and Altruism", contains three papers that examine the interactions between related and unrelated households predicted by the hypothesis for the US and Japanese households. The three papers in Part III, "Japanese Saving Behavior", present the author's explanation of the high saving rate in postwar Japan.
Author : Franklin Allen
Publisher : MIT Press
Page : 524 pages
File Size : 16,70 MB
Release : 2000
Category : Business & Economics
ISBN : 9780262011778
Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems are best is simplistic, and suggests that a more nuanced approach is necessary.
Author : Mr.Eugenio Cerutti
Publisher : International Monetary Fund
Page : 35 pages
File Size : 32,70 MB
Release : 2015-06-03
Category : Business & Economics
ISBN : 1513552074
The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms. This paper complements and supplements the previous work by (i) exploiting more disaggregated data on credit allowing us to dissociate between firm-credit and household (and in some cases mortgage) credit, and (ii) by taking into account the characteristics of the mortgage market, including institutional as well as other factors that vary across countries. This detailed cross-country analysis offers new valuable insights.
Author : Edward J. Welniak
Publisher :
Page : 272 pages
File Size : 31,33 MB
Release : 1982
Category : Income
ISBN :